Insolvency statistics in Canada—Fourth quarter of 2023 (part 1)

 

Tables

Glossary

Affiliates:
Companies that are subsidiaries of the filing company or that are controlled by the same person as the filing company.
Bankruptcy:
The state of a consumer or a business that has made an assignment in bankruptcy or against whom a bankruptcy order has been made.
Bankruptcy and Insolvency Act (BIA):
A federal act that provides the framework to file and administer insolvencies in Canada.
Business:
Any commercial entity or organization other than an individual, or an individual who has incurred 50% or more of total liabilities as a result of operating a business.
Census Metropolitan Area (CMA):
Each area consists of one or more adjacent municipalities situated around a major urban core. To form a census metropolitan area, the urban core must have a population of at least 100,000. For Statistics Canada's geographical definitions of the CMA s, go to CMA and CA : Detailed definition.
Companies' Creditors Arrangement Act (CCAA):
A federal law allowing insolvent corporations that owe their creditors in excess of $5 million to restructure their business and financial affairs. CCAA proceedings are carried out under supervision of the courts.
Consumer:
An individual with more than 50% of total liabilities related to consumer goods and services.
Corporation:
A commercial entity or organization.
Economic Region (ER):
Standard geographical units created for analysis of regional economic activity. For Statistics Canada's geographical definitions of ER s, go to Economic region (ER).
Individual Business:
An individual who has incurred 50% or more of total liabilities as a result of operating a business.
North American Industry Classification System (NAICS):
System that classifies economic units that have similar production processes in the same industry. This is a supply-based or production-oriented economic concept.
Proposal:
An offer to creditors to settle debts under conditions other than the existing terms. A proposal is a formal agreement under the Bankruptcy and Insolvency Act.

Table 1: Total BIA Insolvencies

  Volume % Change 12-Month Period Ending
Q4 2023 Q3 2023 Q4 2022 Q3 2023
to
Q4 2023
Q4 2022
to
Q4 2023
12-31-2023 12-31-2022 % Change
Newfoundland and Labrador 556 541 493 2.8 12.8 2,281 1,940 17.6
Bankruptcies 150 165 169 -9.1 -11.2 703 684 2.8
Proposals 406 376 324 8.0 25.3 1,578 1,256 25.6
Prince Edward Island 109 126 107 -13.5 1.9 503 446 12.8
Bankruptcies 24 27 40 -11.1 -40.0 124 171 -27.5
Proposals 85 99 67 -14.1 26.9 379 275 37.8
Nova Scotia 1,052 1,085 901 -3.0 16.8 4,341 3,494 24.2
Bankruptcies 266 306 272 -13.1 -2.2 1,211 1,225 -1.1
Proposals 786 779 629 0.9 25.0 3,130 2,269 37.9
New Brunswick 825 931 778 -11.4 6.0 3,553 3,154 12.7
Bankruptcies 195 222 215 -12.2 -9.3 896 1,048 -14.5
Proposals 630 709 563 -11.1 11.9 2,657 2,106 26.2
Quebec 8,884 8,237 6,971 7.9 27.4 33,389 27,378 22.0
Bankruptcies 3,029 2,810 2,491 7.8 21.6 11,395 10,419 9.4
Proposals 5,855 5,427 4,480 7.9 30.7 21,994 16,959 29.7
Ontario 11,785 11,213 9,426 5.1 25.0 45,111 35,642 26.6
Bankruptcies 2,474 2,191 1,929 12.9 28.3 9,022 7,791 15.8
Proposals 9,311 9,022 7,497 3.2 24.2 36,089 27,851 29.6
Manitoba 934 925 752 1.0 24.2 3,666 2,807 30.6
Bankruptcies 227 220 207 3.2 9.7 925 751 23.2
Proposals 707 705 545 0.3 29.7 2,741 2,056 33.3
Saskatchewan 948 914 815 3.7 16.3 3,753 3,173 18.3
Bankruptcies 170 162 149 4.9 14.1 703 676 4.0
Proposals 778 752 666 3.5 16.8 3,050 2,497 22.1
Alberta 4,760 4,353 3,855 9.3 23.5 18,175 15,112 20.3
Bankruptcies 663 657 626 0.9 5.9 2,714 2,507 8.3
Proposals 4,097 3,696 3,229 10.8 26.9 15,461 12,605 22.7
British Columbia 3,456 3,250 2,765 6.3 25.0 13,149 10,320 27.4
Bankruptcies 580 511 487 13.5 19.1 2,201 1,926 14.3
Proposals 2,876 2,739 2,278 5.0 26.3 10,948 8,394 30.4
Northwest Territories 15 14 9 7.1 66.7 63 58 8.6
Bankruptcies 3 2 0 50.0 -- 14 3 366.7
Proposals 12 12 9 0.0 33.3 49 55 -10.9
Yukon 8 6 9 33.3 -11.1 44 49 -10.2
Bankruptcies 0 1 2 -100.0 -100.0 8 6 33.3
Proposals 8 5 7 60.0 14.3 36 43 -16.3
Nunavut 2 5 7 -60.0 -71.4 15 13 15.4
Bankruptcies 0 0 0 -- -- 2 0 --
Proposals 2 5 7 -60.0 -71.4 13 13 0.0
Canada 33,334 31,600 26,888 5.5 24.0 128,043 103,586 23.6
Bankruptcies 7,781 7,274 6,587 7.0 18.1 29,918 27,207 10.0
Proposals 25,553 24,326 20,301 5.0 25.9 98,125 76,379 28.5

Table 2: BIA Insolvencies Filed by Consumers

  Volume % Change 12-Month Period Ending
Q4 2023 Q3 2023 Q4 2022 Q3 2023
to
Q4 2023
Q4 2022
to
Q4 2023
12-31-2023 12-31-2022 % Change
Newfoundland and Labrador 549 527 492 4.2 11.6 2,252 1,928 16.8
Bankruptcies 146 158 168 -7.6 -13.1 686 674 1.8
Proposals 403 369 324 9.2 24.4 1,566 1,254 24.9
Prince Edward Island 109 126 105 -13.5 3.8 502 443 13.3
Bankruptcies 24 27 39 -11.1 -38.5 123 169 -27.2
Proposals 85 99 66 -14.1 28.8 379 274 38.3
Nova Scotia 1,041 1,072 892 -2.9 16.7 4,299 3,467 24.0
Bankruptcies 259 299 267 -13.4 -3.0 1,183 1,208 -2.1
Proposals 782 773 625 1.2 25.1 3,116 2,259 37.9
New Brunswick 815 926 771 -12.0 5.7 3,521 3,128 12.6
Bankruptcies 189 219 210 -13.7 -10.0 875 1,027 -14.8
Proposals 626 707 561 -11.5 11.6 2,646 2,101 25.9
Quebec 7,998 7,585 6,398 5.4 25.0 30,577 25,433 20.2
Bankruptcies 2,303 2,293 2,010 0.4 14.6 9,139 8,795 3.9
Proposals 5,695 5,292 4,388 7.6 29.8 21,438 16,638 28.8
Ontario 11,350 10,932 9,143 3.8 24.1 43,831 34,736 26.2
Bankruptcies 2,118 1,980 1,724 7.0 22.9 8,031 7,133 12.6
Proposals 9,232 8,952 7,419 3.1 24.4 35,800 27,603 29.7
Manitoba 925 910 740 1.6 25.0 3,623 2,773 30.7
Bankruptcies 221 210 202 5.2 9.4 896 734 22.1
Proposals 704 700 538 0.6 30.9 2,727 2,039 33.7
Saskatchewan 928 904 803 2.7 15.6 3,692 3,116 18.5
Bankruptcies 157 157 143 0.0 9.8 668 642 4.0
Proposals 771 747 660 3.2 16.8 3,024 2,474 22.2
Alberta 4,676 4,292 3,788 8.9 23.4 17,921 14,875 20.5
Bankruptcies 623 627 589 -0.6 5.8 2,572 2,374 8.3
Proposals 4,053 3,665 3,199 10.6 26.7 15,349 12,501 22.8
British Columbia 3,398 3,172 2,730 7.1 24.5 12,896 10,167 26.8
Bankruptcies 536 455 466 17.8 15.0 2,022 1,821 11.0
Proposals 2,862 2,717 2,264 5.3 26.4 10,874 8,346 30.3
Northwest Territories 14 14 7 0.0 100.0 61 56 8.9
Bankruptcies 2 2 0 0.0 -- 12 3 300.0
Proposals 12 12 7 0.0 71.4 49 53 -7.5
Yukon 8 6 9 33.3 -11.1 43 49 -12.2
Bankruptcies 0 1 2 -100.0 -100.0 7 6 16.7
Proposals 8 5 7 60.0 14.3 36 43 -16.3
Nunavut 2 5 7 -60.0 -71.4 15 13 15.4
Bankruptcies 0 0 0 -- -- 2 0 --
Proposals 2 5 7 -60.0 -71.4 13 13 0.0
Canada 31,813 30,471 25,885 4.4 22.9 123,233 100,184 23.0
Bankruptcies 6,578 6,428 5,820 2.3 13.0 26,216 24,586 6.6
Proposals 25,235 24,043 20,065 5.0 25.8 97,017 75,598 28.3

Table 3: BIA Insolvencies Filed by Businesses

  Volume % Change 12-Month Period Ending
Q4 2023 Q3 2023 Q4 2022 Q3 2023
to
Q4 2023
Q4 2022
to
Q4 2023
12-31-2023 12-31-2022 % Change
Newfoundland and Labrador 7 14 1 -50.0 600.0 29 12 141.7
Bankruptcies 4 7 1 -42.9 300.0 17 10 70.0
Proposals 3 7 0 -57.1 -- 12 2 500.0
Prince Edward Island 0 0 2 -- -100.0 1 3 -66.7
Bankruptcies 0 0 1 -- -100.0 1 2 -50.0
Proposals 0 0 1 -- -100.0 0 1 -100.0
Nova Scotia 11 13 9 -15.4 22.2 42 27 55.6
Bankruptcies 7 7 5 0.0 40.0 28 17 64.7
Proposals 4 6 4 -33.3 0.0 14 10 40.0
New Brunswick 10 5 7 100.0 42.9 32 26 23.1
Bankruptcies 6 3 5 100.0 20.0 21 21 0.0
Proposals 4 2 2 100.0 100.0 11 5 120.0
Quebec 886 652 573 35.9 54.6 2,812 1,945 44.6
Bankruptcies 726 517 481 40.4 50.9 2,256 1,624 38.9
Proposals 160 135 92 18.5 73.9 556 321 73.2
Ontario 435 281 283 54.8 53.7 1,280 906 41.3
Bankruptcies 356 211 205 68.7 73.7 991 658 50.6
Proposals 79 70 78 12.9 1.3 289 248 16.5
Manitoba 9 15 12 -40.0 -25.0 43 34 26.5
Bankruptcies 6 10 5 -40.0 20.0 29 17 70.6
Proposals 3 5 7 -40.0 -57.1 14 17 -17.6
Saskatchewan 20 10 12 100.0 66.7 61 57 7.0
Bankruptcies 13 5 6 160.0 116.7 35 34 2.9
Proposals 7 5 6 40.0 16.7 26 23 13.0
Alberta 84 61 67 37.7 25.4 254 237 7.2
Bankruptcies 40 30 37 33.3 8.1 142 133 6.8
Proposals 44 31 30 41.9 46.7 112 104 7.7
British Columbia 58 78 35 -25.6 65.7 253 153 65.4
Bankruptcies 44 56 21 -21.4 109.5 179 105 70.5
Proposals 14 22 14 -36.4 0.0 74 48 54.2
Northwest Territories 1 0 2 -- -50.0 2 2 0.0
Bankruptcies 1 0 0 -- -- 2 0 --
Proposals 0 0 2 -- -100.0 0 2 -100.0
Yukon 0 0 0 -- -- 1 0 --
Bankruptcies 0 0 0 -- -- 1 0 --
Proposals 0 0 0 -- -- 0 0 --
Nunavut 0 0 0 -- -- 0 0 --
Bankruptcies 0 0 0 -- -- 0 0 --
Proposals 0 0 0 -- -- 0 0 --
Canada 1,521 1,129 1,003 34.7 51.6 4,810 3,402 41.4
Bankruptcies 1,203 846 767 42.2 56.8 3,702 2,621 41.2
Proposals 318 283 236 12.4 34.7 1,108 781 41.9

Table 3a: BIA Insolvencies Filed by Corporations

  Volume % Change 12-Month Period Ending
Q4 2023 Q3 2023 Q4 2022 Q3 2023
to
Q4 2023
Q4 2022
to
Q4 2023
12-31-2023 12-31-2022 % Change
Newfoundland and Labrador 1 5 0 -80.0 -- 6 0 --
Bankruptcies 1 1 0 0.0 -- 2 0 --
Proposals 0 4 0 -100.0 -- 4 0 --
Prince Edward Island 0 0 2 -- -100.0 0 3 -100.0
Bankruptcies 0 0 1 -- -100.0 0 2 -100.0
Proposals 0 0 1 -- -100.0 0 1 -100.0
Nova Scotia 5 3 2 66.7 150.0 17 11 54.5
Bankruptcies 4 1 1 300.0 300.0 13 6 116.7
Proposals 1 2 1 -50.0 0.0 4 5 -20.0
New Brunswick 4 1 5 300.0 -20.0 12 11 9.1
Bankruptcies 4 1 3 300.0 33.3 12 9 33.3
Proposals 0 0 2 -- -100.0 0 2 -100.0
Quebec 811 585 503 38.6 61.2 2,505 1,685 48.7
Bankruptcies 691 480 434 44.0 59.2 2,103 1,470 43.1
Proposals 120 105 69 14.3 73.9 402 215 87.0
Ontario 314 202 181 55.4 73.5 890 584 52.4
Bankruptcies 285 162 153 75.9 86.3 767 480 59.8
Proposals 29 40 28 -27.5 3.6 123 104 18.3
Manitoba 1 2 2 -50.0 -50.0 7 14 -50.0
Bankruptcies 1 2 0 -50.0 -- 6 7 -14.3
Proposals 0 0 2 -- -100.0 1 7 -85.7
Saskatchewan 0 1 1 -100.0 -100.0 4 13 -69.2
Bankruptcies 0 1 1 -100.0 -100.0 3 7 -57.1
Proposals 0 0 0 -- -- 1 6 -83.3
Alberta 51 34 33 50.0 54.5 140 112 25.0
Bankruptcies 27 19 26 42.1 3.8 87 74 17.6
Proposals 24 15 7 60.0 242.9 53 38 39.5
British Columbia 32 43 13 -25.6 146.2 130 62 109.7
Bankruptcies 30 35 9 -14.3 233.3 112 44 154.5
Proposals 2 8 4 -75.0 -50.0 18 18 0.0
Northwest Territories 1 0 0 -- -- 2 0 --
Bankruptcies 1 0 0 -- -- 2 0 --
Proposals 0 0 0 -- -- 0 0 --
Yukon 0 0 0 -- -- 0 0 --
Bankruptcies 0 0 0 -- -- 0 0 --
Proposals 0 0 0 -- -- 0 0 --
Nunavut 0 0 0 -- -- 0 0 --
Bankruptcies 0 0 0 -- -- 0 0 --
Proposals 0 0 0 -- -- 0 0 --
Canada 1,220 876 742 39.3 64.4 3,713 2,495 48.8
Bankruptcies 1,044 702 628 48.7 66.2 3,107 2,099 48.0
Proposals 176 174 114 1.1 54.4 606 396 53.0

Table 3b: BIA Insolvencies Filed by Individual Businesses

  Volume % Change 12-Month Period Ending
Q4 2023 Q3 2023 Q4 2022 Q3 2023
to
Q4 2023
Q4 2022
to
Q4 2023
12-31-2023 12-31-2022 % Change
Newfoundland and Labrador 6 9 1 -33.3 500.0 23 12 91.7
Bankruptcies 3 6 1 -50.0 200.0 15 10 50.0
Proposals 3 3 0 0.0 -- 8 2 300.0
Prince Edward Island 0 0 0 -- -- 1 0 --
Bankruptcies 0 0 0 -- -- 1 0 --
Proposals 0 0 0 -- -- 0 0 --
Nova Scotia 6 10 7 -40.0 -14.3 25 16 56.3
Bankruptcies 3 6 4 -50.0 -25.0 15 11 36.4
Proposals 3 4 3 -25.0 0.0 10 5 100.0
New Brunswick 6 4 2 50.0 200.0 20 15 33.3
Bankruptcies 2 2 2 0.0 0.0 9 12 -25.0
Proposals 4 2 0 100.0 -- 11 3 266.7
Quebec 75 67 70 11.9 7.1 307 260 18.1
Bankruptcies 35 37 47 -5.4 -25.5 153 154 -0.6
Proposals 40 30 23 33.3 73.9 154 106 45.3
Ontario 121 79 102 53.2 18.6 390 322 21.1
Bankruptcies 71 49 52 44.9 36.5 224 178 25.8
Proposals 50 30 50 66.7 0.0 166 144 15.3
Manitoba 8 13 10 -38.5 -20.0 36 20 80.0
Bankruptcies 5 8 5 -37.5 0.0 23 10 130.0
Proposals 3 5 5 -40.0 -40.0 13 10 30.0
Saskatchewan 20 9 11 122.2 81.8 57 44 29.5
Bankruptcies 13 4 5 225.0 160.0 32 27 18.5
Proposals 7 5 6 40.0 16.7 25 17 47.1
Alberta 33 27 34 22.2 -2.9 114 125 -8.8
Bankruptcies 13 11 11 18.2 18.2 55 59 -6.8
Proposals 20 16 23 25.0 -13.0 59 66 -10.6
British Columbia 26 35 22 -25.7 18.2 123 91 35.2
Bankruptcies 14 21 12 -33.3 16.7 67 61 9.8
Proposals 12 14 10 -14.3 20.0 56 30 86.7
Northwest Territories 0 0 2 -- -100.0 0 2 -100.0
Bankruptcies 0 0 0 -- -- 0 0 --
Proposals 0 0 2 -- -100.0 0 2 -100.0
Yukon 0 0 0 -- -- 1 0 --
Bankruptcies 0 0 0 -- -- 1 0 --
Proposals 0 0 0 -- -- 0 0 --
Nunavut 0 0 0 -- -- 0 0 --
Bankruptcies 0 0 0 -- -- 0 0 --
Proposals 0 0 0 -- -- 0 0 --
Canada 301 253 261 19.0 15.3 1,097 907 20.9
Bankruptcies 159 144 139 10.4 14.4 595 522 14.0
Proposals 142 109 122 30.3 16.4 502 385 30.4